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World Energy Solutions Acquired By Energy Intelligence Software Provider
EnerNOC, Inc. announced that it has entered into an agreement to acquire World Energy Solutions, Inc.
EnerNOC has agreed to acquire World Energy for a purchase price of $5.50 per share, and the assumption of debt for a total transaction value of approximately $76 million in cash
"World Energy's software is used by more than 4,000 enterprises for energy supply management. The integration of World Energy's software into our platform will help accelerate EnerNOC's product roadmap and add approximately $30 million to EnerNOC's enterprise annual recurring revenue," said Tim Healy, Chairman and CEO of EnerNOC. "This acquisition advances our energy intelligence software business and will help us deliver more value to our enterprise customers who are looking to increase productivity and take control of their energy costs."
To date, World Energy has transacted more than $45 billion in electricity, natural gas, and environmental commodities for its customers, making it one of the top energy procurement specialists in the U.S. by revenue and volume. In the six months ended June 30, 2014, World Energy generated $18.9 million in revenue with 77 percent gross margins. With more than 100 employees, the company is headquartered in Worcester, MA, and has a strong ecosystem of channel partners. Its customer base extends across the US, with concentrations in key strategic markets like Texas, Massachusetts, Pennsylvania, Ohio, New Jersey, and New York, EnerNOC said.
The transaction is expected to close in the first quarter of 2015, subject to the satisfaction of customary closing conditions. The transaction is expected to be accretive to EnerNOC earnings in 2016.
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November 5, 2014
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Copyright 2010-14 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com
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